Research On Asymmetric Information Phenomena Among Participants In Construction Project

There are many participants in construction projects, such as owners, contractors, supervisors, designers, suppliers, and so on. During the whole lifecycle, there exist numerous uncertain factors, and it’s easy to be information miss or bias in the communication of participants. From the aspect of information economics, the root causes of behavioral risk of participants in construction project are adverse selection and moral hazard caused by asymmetric information. Therefore, studying on the high-probability and high-influence asymmetric information phenomena in construction project, analyzing their influence on the project objective, and developing appropriate preventive measures, is an important task for researchers and project managers.From the perspective of information economics, this paper discusses the concept of asymmetric information and its expressions in economic activities, i.e. adverse selection and moral hazard, combining with agency theory and signal theory. On this basis, the paper investigates the construction project risk forming mechanism based on asymmetric information, and concludes that asymmetric information is the main root cause of behavioral risk of participants in construction project.Secondly, this paper studies related literatures and project examples in depth, then specialist interview is also applied, and the list of asymmetric information phenomena in bidding stage and contract implementation stage is proposed. Questionnaire survey is used to collect data, and SPSS is used to analyze data, and key asymmetric information phenomena are identified.Again, this paper identifies the path from asymmetric information to risk through in-depth research on the project examples and specialists interview and builds the structural equation model by AMOS; and collects data from the actual cases through questionnaire survey to test the risk path and revises the test results; at last, the author analyzes how the key asymmetric information phenomena in each path affect the project objective significantly.Finally, according to the analysis result of action path and the current construction industry reality in China, this paper proposes specific prevention measures aiming at key asymmetric information phenomena.Construction project is a complex system, which facing with numerous uncertainties, and the fundamental prevention of the behavior risk of project main body is the reduction of uncertainties. The analysis of the influence of asymmetric information is of good theoretical and practical significance, which aimed at the prevention of asymmetric information phenomena from the point to the line and provide a reference for project management personnel.